4,675 research outputs found
Understanding the Flattening Phillips Curve
No full textPolicy-makers have recently noted an apparent flattening of the Phillips curve. The implications of such a change include that a positive output gap would be less inflationary, but the cost of reducing inflation, once established, would increase. This paper’s objective is to review the evidence and possible explanations for the flattening of the Phillips curve in the context of new-Keynesian economic theory. Using data for the United States and Australia, we find that the flattening is evident in the baseline ‘structural’ new-Keynesian Phillips curve. We consider a variety of reasons for this structural flattening, such as data problems, globalisation and alternative definitions of marginal cost, none of which is entirely satisfactory.Phillips curve; inflation
Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
No full textThis paper attempts to reconcile the high estimates of price stickiness from macroeconomic estimates of a New-Keynesian Phillips Curve (NKPC) with the lower values obtained from surveys of firms’ pricing behaviour. This microeconomic evidence also suggests that the frequency with which firms adjust their prices varies across sectors. The paper shows that in the presence of this heterogeneity, estimates of aggregate price stickiness from microeconomic and macroeconomic data should differ. Heterogeneity in firms’ pricing decisions, as well as a more realistic production structure, is introduced into an otherwise standard New-Keynesian model. Using a model calibrated with microeconomic pricing survey data for Australia, the paper shows that estimates of the NKPC considerably overstate the true degree of price stickiness and may falsely suggest that some prices are indexed to past inflation. These problems arise because of a type of misspecification and a lack of suitable instruments.separate by New-Keynesian Phillips Curve; inflation
sj-docx-1-ctj-10.1177_17407745231176773 – Supplemental material for Handling intercurrent events and missing data in non-inferiority trials using the estimand framework: A tuberculosis case study
No full textSupplemental material, sj-docx-1-ctj-10.1177_17407745231176773 for Handling intercurrent events and missing data in non-inferiority trials using the estimand framework: A tuberculosis case study by Sunita Rehal, Suzie Cro, Patrick PJ Phillips, Katherine Fielding and James R Carpenter in Clinical Trials</p
Book Discussion : PJ Powers
No full textThe UJ Campus Health Services and the Student Affairs Division in partnership with the UJ Library invite you to meet PJ Powers (Thandeka) the co-author of the book HERE I AM About the book: Here I Am, written with Marianne Thamm, is an intimate and hilarious account of the life and times of one of this country’s most recognisable and enduring performers. From the dizzying heights of international stardom to the dark depths of her struggle with alcohol, this is a must-read to explore the heady mix of politics and music of the time. More than just a story about the personal journey of one of South Africa’s most beloved music icons, this extraordinary memoir of PJ Powers – or Thandeka, as she was affectionately renamed by Soweto crowds – is set against the turbulent backdrop of South Africa’s recent political history. It features a gallery of political leaders and international celebrities, including the likes of Nelson Mandela, Graça Machel, Chris Hani, Joaquim Chissano, Queen Elizabeth II, Brenda Fassie, Sharon Stone and Robert De Niro. Facilitator: Prof Alban Burke, Director – PsyCad, University of Johannesburg PJ Powers will also perform a few songs on the day. Date: 27 August 2015 Time: 16:30 for 17:00 Venue: Auditorium (6th Floor), APK Library, University of Johannesburg (corner Kingsway and University Road, Auckland Park) RSVP: By Wednesday, 26 August 2015 to Theodorah Modise on [email protected] / 011 559 226
Book Discussion : PJ Powers
No full textThe UJ Campus Health Services and the Student Affairs Division in partnership with the UJ Library invite you to meet PJ Powers (Thandeka) the co-author of the book HERE I AM About the book: Here I Am, written with Marianne Thamm, is an intimate and hilarious account of the life and times of one of this country’s most recognisable and enduring performers. From the dizzying heights of international stardom to the dark depths of her struggle with alcohol, this is a must-read to explore the heady mix of politics and music of the time. More than just a story about the personal journey of one of South Africa’s most beloved music icons, this extraordinary memoir of PJ Powers – or Thandeka, as she was affectionately renamed by Soweto crowds – is set against the turbulent backdrop of South Africa’s recent political history. It features a gallery of political leaders and international celebrities, including the likes of Nelson Mandela, Graça Machel, Chris Hani, Joaquim Chissano, Queen Elizabeth II, Brenda Fassie, Sharon Stone and Robert De Niro. Facilitator: Prof Alban Burke, Director – PsyCad, University of Johannesburg PJ Powers will also perform a few songs on the day. Date: 27 August 2015 Time: 16:30 for 17:00 Venue: Auditorium (6th Floor), APK Library, University of Johannesburg (corner Kingsway and University Road, Auckland Park) RSVP: By Wednesday, 26 August 2015 to Theodorah Modise on [email protected] / 011 559 226
The Tradeoff between Inflation and the Real Economy: Forward-Looking Behavior and the Inflation Premium
No full textWe use the inflation premium—the difference between nominal and real interest rates—as a proxy for expected inflation in the context of the New Keynesian Phillips Curve. Using data from inflation-indexed and nominal bonds we estimate a forward-looking Phillips curve for the United Kingdom over the period 1985-2004. The proposed model describes UK inflation dynamics considerably better than does the standard hybrid New Keynesian Phillips Curve under the assumption of rational expectations. In contrast with the findings in the rest of the literature we find that there still exists a tradeoff between inflation and the stance of the real economy, regardless of the empirical measure used. This relationship also persists in the period since the UK adopted inflation targeting as a framework for monetary policy.
Synthesis, Characterization, and in Vitro Evaluation of Novel Ruthenium(II) eta(6)-Arene Imidazole Complexes
No full textTechnologically mediated learning: The future of training in Australia
No full textHosie, PJ ORCiD: 0000-0003-2585-024XFollowing a review of the economic imperatives currently facing Australia,
the future directions training will take are examined. Related training issues are considered; such as multiskilling, on-the-job training and legal issues. The author predicts that technologically mediated learning (TML),
especially interactive multimedia, will gain ascendancy as the predominant mode of delivery for training
Dynamic Pricing and Imperfect Common Knowledge
No full textThis paper introduces private information into the dynamic pricing decision of firms in an otherwise standard new Keynesian model by adding an idiosyncratic component to firms’ marginal costs. The model can then replicate two stylised facts about price changes: aggregate inflation responds gradually and with inertia to shocks, while at the same time price changes of individual goods can be quite large. The inertial behaviour of inflation is driven by privately informed firms strategically ‘herding’ on the public information contained in the observations of lagged aggregate variables. The model also matches the average duration between price changes found in the data and it nests the standard new Keynesian Phillips curve as a special case. To solve the model, the paper derives an algorithm for solving a class of dynamic models with higher-order expectations.higher-order expectations; idiosyncratic marginal cost; price dynamics; new Keynesian Phillips curve
A 0.7-V 0.43-pJ/cycle Wakeup Timer based on a Bang-bang Digital-Intensive frequency-Locked-Loop for IoT Applications
No full textA 40-nm CMOS wakeup timer employing a bang-bang digital-intensive frequency-locked loop for Internet-of-Things applications is presented. A self-biased ΣΔ digitally controlled oscillator (DCO) is locked to an RC time constant via a single-bit chopped comparator and a digital loop filter. Such highly digitized architecture fully exploits the advantages of advanced CMOS processes, thus enabling operation down to 0.7 V and a small area (0.07 mm 2 ). Most circuitry operates at 32× lower frequency than the DCO in order to reduce the total power consumption down to 181 nW. High frequency accuracy and a 10× enhancement of long-term stability is achieved by the adoption of chopping to reduce the effect of comparator offset and 1/f noise and by the use of ΣΔ modulation to improve the DCO resolution. The proposed timer achieves the best energy efficiency (0.43 pJ/cycle at 417 kHz) over prior art while keeping excellent on-par long-term stability (Allan deviation floor <;20 ppm) and temperature stability (106 ppm/°C).Accepted Author Manuscript(OLD)Applied Quantum Architecture
- …
